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Report  of  the  Special  Committee 
on  Accounting  Terminology 


Annual    Meeting— Denver,   Colorado 
October    18-22,    1909 


AMERICAN    ASSOCIATION    OF    PUBLIC 


'  1 


ACCOUNTANTS 


Is  5 


■6 


LIBRARY   OF 

ALLEN  KNIGHT 

CERTIFIED  PUBLIC  ACCOUNTANT 
502  California  Street 

SAN     FRANCISCO.     CALIFORNIA 


Report  of  the  Special  Committee  on 
Accounting  Terminology. 

To  the  Trustees  of  the  American  Association  of   Public  Ac- 
countants. 

This  committee  was  appointed  at  the  meeting  of  the  Board  of 
Trustees  in  April,  1909,  and  w^s  insfucted  "  to  collate  and  ar- 
range accounting  words  and  phrases  and  show  in  connection 
with  each  the  varying  usages  to  which  they  are  put.  .  .  .  This 
committee  will  not  attempt  to  determine  the  correct,  or  even  the 
preferable  usage  where  more  than  one  is  in  existence." 

In  accordance  with  these  instructions,  the  committee  has 
attempted  to  bring  together  all  the  definitions  that  it  was  possible 
to  find  in  the  limited  time  at  its  disposal.  To  facilitate  matters, 
the  alphabet  was  divided  into  three  sections,  each  member  taking 
one. 

The  members  of  the  committee  have  found  that  definitions 
are  extremely  infrequent  in  most  of  the  books  and  articles  devoted 
to  accounting  subjects.  It  seems  to  be  taken  for  granted  that 
the  meaning  of  the  terms  used  is  known  to  the  reader.  In  the 
more  formal  text  books,  the  indexing  is  often  faulty,  many  sub- 
jects not  being  referred  to  at  all,  although  discussed  in  the  book. 
This  necessitated  a  search  of  the  text  itself,  which  could  mani- 
festly be  undertaken  only  in  respect  to  the  more  important  terms. 

The  committee,  therefore,  feels  that  it  ha<5  been  able  onlv  to 
start  the  train  of  thought.  It  suggests  that  the  entire  memoer- 
ship  of  the  Association  be  requested  to  bear  the  subject  in  mind 
and  to  make  a  note  of  any  definition  encountered  in  any  work  or 
article  on  accounting  subjects,  whether  such  definition  is  formal 
or  is  only  deducible  from  the  context.  These  definitions,  with 
the  authority  for  them,  to  be  sent  to  a  committee  to  be  collated  by 
it  and  either  published  from  time  to  time  in  the  Journal  of  Ac- 
countancy, or  presented  to  the  convention  in  1910  for  the  consid- 


eration  of  the  Association.  To  confine  the  scope  of  the  work 
only  to  those  terms  whose  meaning  is  not  well  settled,  it  might  be 
well  to  request  from  each  member  only  those  definitions  with 
which  he  does  not  agree,  together  with  definitions  of  the  same 
terms  which  meet  his  approval. 

So  many  of  the  terms  used  are  defined  only  by  inference,  often 
in  connection  with  other  subjects,  that  there  seems  to  be  no  other 
way  in  which  anything  at  all  approaching  a  complete  glossary 
can  be  obtained. 

Respectfully  submitted, 

Seymour  Walton,   Chairman. 
Edward  L.  Suffern, 
Jas.  T.  Anyon. 

Committee. 


LIST  OF  DEFINITIONS  OF  ACCOUNTING  TERMS. 


Account  As   used    in   bookkeeping   means    ( i )    A    single 

entry  or  group  of  entries  either  debits  or  credits 
or  both  brought  together  under  a  specific  heading  to  indicate  an 
accounting  condition.  (2)  The  balance  or  result  of  a  group  of 
such  entries. 

Audit  An  examination  of  books,  accounts  and  vouchers 

of  an  individual  company,  firm  or  corporation  to 
verify,  or  otherwise,  the  accuracy  of  the  transactions  shown 
thereby  for  a  definite  period. 

Account  A  running  account  as  opposed  to  one  regularly 

Current  balanced. 

Account  Sales     An  account  of  goods  sold  on  commission,  usually 
between  a  consignee  and  consignor. 

Accretion  That  which  has  grown  or  accumulated,  a  term 

used  mainly  as  applying  to  the  growth  or  accumu- 
lation of  inconie.'^iKler  certain  conditions. 


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Accrued  Used   in    relation   to   that   which   has   grown   or 

accumulated  up  to  a  certain  date  since  the  last  re- 
ceipt or  payment. 

Appreciation         Increase  in  value  through  improvement  in  condi- 
tion or  market  value,  applied  either  in  respect  of 
real  estate,  plant,  machinery,  securities  or  general  assets. 

Assets  Property  fixed  or  liquid,  resources  of  any  kind 

capable  of  being  converted  into  money  or  value. 
The  term  is  used  sometimes  as  applying  to  goodwill,  concessions, 
franchises,  deferred  charges,  and  in  English  accounting  even  to 
preliminary  expenses  incurred  in  the  formation  of  a  company. 

Fixed  Assets        Such  assets  as  are   stationary  and  may  be  re- 
garded to  a  certain  extent  as  permanent,  such  as 
real  estate,  buildings,  plant,  machinery,  etc. 

Liquid  Assets      Such  assets  as  are  not  fixed  or  permanent  but 
are  subject  to  conversion  into  cash,  such  as  raw 
and  finished  material,  book  debts,  securities,  etc. 

Floating  Same    as   liquid,    sometimes    called    "  circulating 

Assets  assets." 

Wasting  Such  fixed  assets  as  in  the  process  of  working 

Assets  are  gradually  disappearing  or  wasting  away,  such 

as  mines,  timber  lands,  quarries,  and  other  such  properties. 

Appraisal  The  result  of  a  valuation  of  property  or  assets, 

used  mostly  in  connection  with  the  valuation  of 
fixed  assets  of  a  company  or  corporation. 

Adminisera^ion      ( I )   All  expenses  incurred  in  connection  with  the 
Expenses  administration  of  a  business  other  than  the  usual 

expenses  of  operation  and  management.      (2)   The  expenses  of 
administering  a  trust. 

Adjustment  An  account  opened  to  give  eflfect  to  adjustments 

Account  of  transactions  and  other  accounts. 


380320 


Accounts  (i)   Accounts   due   from  debtors.   (2)    The   ag- 

Receivable  gregate  of  outstanding  accounts  receivable  open  on 
the  books  at  any  time.  Whilst  this  account  should  be  confined 
strictly  to  what  its  name  implies  it  often  covers  such  things  as 
advances  to  employees  on  account  of  salary,  expenses  in  trav- 
elers' hands  unaccounted  for,  and  other  debit  accounts  not  strictly 
accounts  receivable. 

Accounts  All  accounts  payable  to  creditors. 

Payable 

Additions  to  All  sums  expended  on  account  of  fixed  assets  are 
Capital  usually  called  "'  additions  to  capital,"  such  as  addi- 

tions to  buildings,  machinery,  plant,  etc. 


B 


Balance  The  difference  between  one  side  of  an  account 

and  the  other. 

Balance  A  statement  showing  the  financial  position  of  a 

Sheet  business,  its  assets  and  liabilities,  the  capital  em- 

ployed therein,  as  well  as  any  reserves,  surplus  or  deficiency  there 
may  be  at  a  specific  date. 

Betterment  Any  addition  to  or  improvement  of  a  property, 

any  expenditure  which  makes  a  property  better  or 
more  valuable.  In  railroad  accounting  betterments  include  the 
''  enlargement  or  improvement  of  existing  structures,  facilities, 
or  equipment,  of  an  improved  or  higher  class  taking  the  place  of 
others  previously  existing"  (Interstate  Commerce  Commission.) 

Bills  All   promissory   notes,   time   notes,   bills   of   ex- 

Receivable        change,  or  acceptances  receivable  go  under  the  gen- 
eral term  of  bills  receivable. 

Bills  Payable       All  notes,  bills  of  exchange  or  acceptances  pay- 
able are  termed  bills  payable,  and  are  usually  kept 
in  one  account  with  this  heading. 


Book  Profits         Profits  as  shown  by  the  books,  not  necessarily- 
actual  or  real,  but  as  shown  by  book  entries. 


Capital  This  term  as  used  in  accounting  is  employed  to 

express  (i)  The  sum  of  the  net  assets  of  a  busi- 
ness or  undertaking,  or  that  sum  which  remains  after  deducting 
the  liabihties  from  the  assets  of  a  business  or  undertaking.  (2) 
Any  principal  sum  (usually  in  cash,  sometimes  in  property) 
contributed  to  an  undertaking  by  a  partner  or  individual  for 
supplying  the  means  to  operate  such  undertaking.  (3)  The  value 
or  amount  of  interest  any  individual  has  invested  in  an  under- 
taking, and  (4)  Any  principal  sum  which  is  used  or  retained  to 
produce  income  or  profit. 

Capital  ( I )   An  account  opened  and  kept  to  indicate  the 

Account  amount  of  capital  a  partner  has  in  a  business,  or 

an  account  showing  the  total  capital  invested  in  a  business.  (2) 
The  term  capital  account  or  capital  accounts  is  used  in  connec- 
tion with  sums  invested  in  permanent  assets,  such  as  real  estate, 
plant,  machinery,  etc.,  these  being  styled  capital  accounts  because 
their  province  is  to  produce  income  or  profit. 

Capital  All  sums  expended  for  additions  to  or  improve- 

Expenditures     ments  of  properties. 

Fixed  Capital       That  portion  of   the   capital  of  an  undertaking 
which  has  been  sunk  in  fixed  assets,  such  as  real 
estate,  buildings,  machinery,  plant,  etc.,  which  are  not  intended 
to  be  sold  but  used  to  produce  revenue  and  profit. 

Working  That  portion  of  the  net  capital  of  an  undertaking 

Capital  which  is  used  or  is  available   for  the  working  of 

such  undertaking,  properly  speaking,  the  liquid  assets  of  such 
undertaking. 

Capital   Stock      The  amount  of  share  capital  issued  or  authorized 
by  a  company  or  corporation. 


Capital  The  full  amount  of  capital  stock  which  a  com- 

( Nominal)        pany  or  corporation  is  authorized  to  issue. 

Capital  That    portion    of    the    capital    which    has    been 

Paid  up  authorized  issued  and  paid  up  by  the  stockholders 

or  proprietors. 

Capital  That  portion  of  the  capital  representing  the  dif- 

• — Uncalled       ference    between    the    amount    of    capital    actually 
paid  up  and  the  amount  of  the  face  value  of  the  shares. 

Capital,  The  process  of  lessening  the  amount  of  capital 

Reduction  of   stock  issued,  usually  by  writing  off  losses,  depre- 
ciation, or  reduced  values  of  property  and  assets. 

Carriage  A   term  used  in   English  accounting  in   lieu   of 

Account  freight  account.  It  includes  freight  both  in  and  out. 

Cash  Book  A  book  in  which  all  cash  and  bank  transactions 

are  recorded. 

Cash  Account     An   account   of   any   cash  transactions,   receipts 
or  payments. 

Cash  Sales  Proceeds  of  sales  of  goods  sold  for  cash. 

Cash  In  accounting  all  transactions  that  pertain  to  cash 

Transactions     receipts  and  payments. 

Cash   Balance       Difference  between  a  series  of  receipts  and  pay- 
ments. 

Certificate   of       A  paper  or  receipt  indicating  an  amount  of  cash 
Deposit  deposited  for  a  specific  purpose. 

Charge  and  As    used    in    Scotch    accounting    in    relation    to 

Discharge         trustees'  and  executors'  accounts  means  an  account 
Account  whereby  a  trustee  or  executor  charges  himself  with 

assets  and  estate  received,  and  credits  himself  with  liabilities  and 
[•ayments  thereout. 


Collateral  Security  for  an  obligation. 

Commission  An  account  of  commission  earned  or  paid. 

Account 

Consignment  Those  accounts  which  relate  to  the  consignment 
Accounts  of  goods  to  an  agent  or  consignee. 

Cost  Accounts  A  series  of  accounts  devised  and  kept  to  show  the 
cost  of  products  or  things  manufactured. 

Cost  System  A  system  of  bookkeeping  and  accounting  which 
provides  for  determining  the  cost  of  products  and 
articles  manufactured. 

Cost  Records  All  papers,  books,  accounts  and  data  referring  to 
costing. 

Cost  Ledger  The    books    in    which    the    individual    "  job    ac- 

counts "  showing  the  various  elements  entering  into 
the  cost  thereof  are  kept. 

Contra  An  account  off-setting  another. 

Account 

Construction  An  account  employed  to  show  the  cost  of  con- 

Account  struction  of  a  piece  of  property.       It  is  usually 

made  to  contain  all  items  (such  as  material,  labor,  expense), 
entering  into  the  work  and  in  some  cases  interest  on  borrowed 
money  is  charged  against  this  account,  and  even  the  discount  on 
the  sale  of  bonds  issued  for  the  work. 

Controlling  An  account  usually  kept  in  the  general  ledger  of 

Account  a  business  and  is  supposed  to  control  a  number  of 

separate  or  detail  accounts  kept  in  another  book  or  ledger.  It 
is  properly  an  account  kept  to  contain  the  totals  of  the  debits 
and  credits  of  a  number  of  accounts  in  order  to  show  at  any 
time  the  balance  of  the  aggregate  of  these  accounts.  It  is  used 
mainly  in  connection  with  accounts  receivable  and  accounts  pay- 
able. 


D 

Depreciation         As  understood  and  used  in  accounting  the  meas- 
ure of  deterioration  in  value  by  reason  of   wear 
and  tear,  decay,  or  other  causes,  of  property,  plant,  machinery, 
and  other  assets. 

Depreciation         An  account  containing  charges  for  depreciation. 
Account  the   balance   of   which  is   transferred   periodically 

to  profit  and  loss  account. 

Depreciation  An  amount  set  aside  out  of  earnings  and  carried 
Reserve  as   a   credit   to   ofifset   any   deterioration   of   assets 

which  has  taken  place  or  is  likely  to  arise. 

Depreciation  A  fund  set  aside  usually  created  out  of  earnings, 
Fund  to  provide  for  depreciation  of  plant,  property,  etc. 

Discount  In  bookkeeping  practice,  this  account  appears  to 

Account  be  charged  with  the  following:    (i)   The  discount 

paid  or  allowed  to  customers  on  the  payment  of  their  accounts. 
(2)  The  amount  paid  to  bankers  or  brokers  for  discounting 
bills  receivable  or  accommodation  paper.  (3)  Sometimes  interest 
paid  on  loans.  The  difference  between  the  amount  reahzed  on 
the  sale  of  bonds  or  securities  and  their  par  value  is  called  dis- 
count. This  is  sometimes  capitalized  and  carried  as  an  asset, 
and  sometimes  as  a  suspense  item  to  be  charged  off  gradually. 

Deferred  The  name  given  to  a  class  of  stock  upon  which 

Stock  the  payment  of  the  interest  or  dividend  is  deferred 

until  some  other  prior  securities  have  received  theirs  in  full. 

Deficiency  Any   account   showing  how   a   deficiency   arises. 

Account  In  English  practice  an  account  prepared  by  a  bank- 

rupt or  his  representative  showing  how  the  deficiency  as  indi- 
cated by  his  statement  of  affairs  has  arisen. 

Deficit  (i)   An  excess  of  expenditure  over  income.   (2) 

Any  balance  of  liabilities  over  assets. 


Departmental        A  system  of  accounts  which  relate  to  the  sepa- 
Accounts  rate  workings  of  the  departments  of  any  concern 

usually  in  relation  to  the  profit  or  loss  shown  by  such  depart- 
ments. 

Dead  Weight       In   cost   accounting   a   term    sometimes   used   to 
Expenses  indicate  certain  expenses,  such  as  rent,  taxes,  power, 

insurance,  heating,  lighting,  etc.,  because  such  expenses  are  pay- 
able whether  the  volume  of  work  done  is  small  or  large. 


Entry  Any  record  of  a  business  transaction  in  a  book  of 

account  is  called  an  entry. 

Establishment  In  cost  accounting  those  expenses  which  cannot 
Expenses  be  charged  directly  against  the  cost  of  an  article 

manufactured  but  are  spread  over  a  volume  of  work,  are  some- 
times called  "  establishment  expenses."  They  include  such  items 
as  taxes,  insurance,  heating,  lighting,  indirect  labor  and  miscel- 
laneous expenses. 

Estate  In  executorship  accounting  an  estate  account  is 

Account  opened  to  show  the  net  value  of  the  estate  by  cred- 

iting thereto  all  the  assets  of  the  estate  as  well  as  any  profits 
derived  from  their  realization,  and  charging  thereto  all  liabilities 
as  well  as  funeral  and  administration  expenses,  and  losses  on 
realization  of  assets. 

Executorship  A  series  of  accounts  relating  to  the  capital  and 
Accounts  income  of  a  trust  or  executorship. 

Expenditure  This  term  is  often  used  by  accountants  to  indi- 

cate disbursements  of  money  only.  In  other  cases 
expenditure  is  used  to  indicate  not  only  that  which  has  been  dis- 
bursed but  incurred  as  well,  and  in  this  sense  it  is  mostly  used. 

Equipment  Used  mainly  in  railroad  accounting,  includes  the 

Account  cost  of  locomotives,  cars  and  general  rolling  stock. 


Equitable  In  English  and  Scotch  practice  such  assets  as  are 

Assets  made  available  by  a  decree  in  a  court  of  equity  for 

the  payment  of  debts. 


Finance  That  which  relates  to  monetary  transactions,  or 

industrial  transactions  pertaining  to  money  or  value. 

Fixed  Capital       Capital    which   exists   in   a   fixed    or   permanent 
shape.     All  fixed  assets,  such  as  real  estate,  build- 
ings, machinery,  etc.,  may  be  referred  to  as  fixed  capital. 

Floating  Capital   which   is   not   in   a  fixed   or   permanent 

Capital  shape,  but  is  available  or  convertible,  such  as  raw 

material,  book  debts,  cash,  etc. 

Floating  An  expression  meaning  a  lien  or  charge  on  the 

Charge  general  assets  of  a  corporation,  generally  made  in 

favor  of  debenture  holders. 

Floating   Debt      ( i )  That  portion  of  a  debt  of  a  corporation  or 
undertaking   which   is   not   represented  by  a  bond 
issue.    (2)   General  or  ordinary  indebtedness. 

Funded  Debt       That  portion  of  a  debt  which  is  represented  by 
a  bond  issue  and  payable  at  a  distant  date. 

Fund  An  aggregation  of  capital  held  and  to  be  used 

for  a  specific  purpose. 


Goodwill  Whilst  goodwill  is  a  general  term  capable  of  wide 

application  it  is  generally  used  in  accounting  to  rep- 
resent the  balance  between  the  value  of  property  and  assets 
acquired  by  a  corporation  or  concern,  and  the  capital  stock  issued 
against  such  net  assets ;  sometimes  it  is  included  in  accounts  as 
a  distinct  item  calculated  on  a  specific  basis,  but  more  generally 
it  is  used  in  a  very  indefinite  way. 

10 


Gross  Profit  In  commercial  bookkeeping  the  difference  between 
the  cost  of  goods  bought  or  manufactured  and  the 
selling  price  thereof. 

Gross  Income        The  total  income  derived   from  any  investment 
*  without  any  deductions. 

Gross  In  railroad  accounting  the  full  receipts  from  pas- 

Earnings  sengers,   freight,  etc.,  without  any  deductions. 

Guard  Book        A  term  used  in  English  and  Scotch  bookkeeping 
to  indicate  a  book  in  which  the  original  invoices 
of  purchases,  etc.,  are  kept  or  pasted. 


H 
Hypothecate         To  pledge  or  mortgage. 


Impairment  An  account  which  exhibits  the  net  insolvency  of  a 

Account  company,  i.  e.,  the  excess  of  its  liabilities,  including 

its  paid  up  capital,  over  its  assets. 

In.personal  Accounts  which  represent  conditions  and  record 

Accounts  the  profits,  losses,  receipts,  expenditures,  assets  and 

liabilities,  but  do  not  represent  persons. 

See  Personal  Accounts. 

Income  The  account  which  sets  forth  the  entire  income 

for  a  fixed  period  whether  actually  received  or  not. 

The  gain  which  proceeds  from  property,  labor  or  business. 

The  remuneration  derived  from  skill  or  labor. 

The  proceeds  of  the  property  of  an  estate. 

Index  Ledger       A    ledger    arranged    alphabetically    with    index 
sheets  interspersed. 

11 


Individual  A  term  applied  to  personal  and  customers'  ac- 

Account  counts. 

Individual  A  term  used  to  designate  a  customer's  ledger. 

Ledger 

Installment  An  account  book  used  for  the  record  of  install- 

Book  ments  due  and  payable  on  stock  or  property. 

Interest  A  revenue  account  to  which  is  debited  and  cred- 

Account  ited  interest  incurred  or  earned  whether  paid  or  not. 

Intermediate  A  ledger  used  for  the  purpose  of  recording  those 
Ledger  sales  and  purchases  of  a  trader  which  are  of  almost 

daily  occurrence  with  the  same  persons,  the  total  of  which  are 
posted  at  monthly  or  other  periods. 

Internal  The  accounts  which  represent  the  different  pieces 

Accounts  of  property  and  different  forces  at  work  within  the 

business  itself. 

Internal  Check  A  check  to  protect  against  error  which  may  arise 
where  the  record  of  accounts  is  such  that  the  entries  might  bal- 
ance and  still  be  incomplete. 

Inventory  The  annual  account  of  stock  of  a  business. 

A  schedule  of  assets  or  property. 
An  itemized  list  of  goods  or  valuables  with  prices  attached. 

Investment  An  account  representing  money  expended  in  prop- 

Account  erty  outside  the  regular  order  of  business. 

Investment  The  amount  diverted  from  profits   for  the  pur- 

Fund  chase   of   securities   where   the   surplus   cannot   be 

profitably  used  in  the  development  of  a  business. 

Invoice  Book       A  record  of  invoices. 

Invoice  Ledger     See  Purchase  Ledger. 

12 


Nominal  -  Accounts  which  represent  income  or  expenditures. 

Accounts  Accounts  used  for  the  purpose  of  classifying  income 

and  expenditure  under  such  heads  as  rent,  taxes,  discounts,  sales, 
purchases,  etc.,  and  form  the  material  for  the  construction  of  the 
profit  and  loss  account. 

Nominal  The  amount  of  capital  for  and  in  respect  of  which 

Capital  a  company,  having  its  capital  divided  into  shares,  is 

registered. 

Nominal  A  ledger  used  for  separately  recording  the  tran.>- 

Ledger  actions  in  connection  with  the  various  nominal  ac- 

counts. 


O 


Open  Account     A  running  or  unbalanced  account. 

An  unbalanced  account  as  opposed  to  a  closed  account. 

An  account  the  items  of  which  are  not  finally  agreed  upon,  and 
which  are  to  be  proved  (if  necessary)  by  the  party  seeking  lo 
enforce  the  efifect  of  the  account. 

Opening  The  entries  necessary  to  prepare  a  set  of  books 

Entries  of  account  before  commencing  to  record  the  cur- 

rent   transactions. 

Operating  The  amount  available  for  carrying  on  a  business 

Capital  working  capital. 

Operating  The  expense  incurred  in  the  regular  transaction 

Expense  of  a  business. 

Original  The  first   record  on  the  main  books  of  accouni 

Entry  of  the  transactions  of  a  business. 

Outstanding  An  ambiguous  expression,  which  may  mean  debt? 

Accounts  due  to  a  trader  or  sums  due  from  him  to  others. 


15 


Paid-Up  The  actual  amount  which  has  been  paid  up  or  is 

Capital  legally    considered    as    paid    up,    in    respect    of 

the  capital. 

Pay  Roll  A  record  of  wages  paid. 

Permanejit  Comprise  such  investments  as  are  necessary  to  jf 

Assets  conduct  the  business,  and  must  be  kept  in  a  state  of 

efficiency  in  order  to  carry  on  the  business. 

Personal  Such  accounts  show  the  transactions  with  persons 

Accounts  as  customers'  and  creditors'  accounts.       Other  ac- 

counts are  impersonal. 

Petty  Cash  A  term  used  to  designate  incidental  expenditures 

for  office  supplies,  etc. 

Petty  Cash  A  record  of  petty  cash  always  kept  where  total 

Book  receipts  are  deposited  in  bank  and  all  trade  bills 

paid  by  check. 

Petty  Ledger  A  ledger  in  which  sundry  accounts  or  account? 
with  customers  who  are  not  expected  to  be  regular  purchasers 
are  kept. 

Plant  A  title  used  to  designate  permanent  assets,  such 

as  buildings,  machinery,  etc.,  required  for  purposes  of  manu- 
facture, * 


Posting  The  act  of  entering  debits  and  credits  in  a  ledger. 

Postponed  Creditors  who  are  disentitled  to  rank  against  an 

Creditors  estate  or  property  until  all  other  creditors  for  valu- 

able consideration  in  money  or  money's  worth  have  been  satisfied. 

16 


J 

Joint  Account      A  record  of  the  transactions  of  some  particular 
undertaking  where  two  or  more  parties  combine  in 
contributing  the  necessary  capital  and  services  and  sharing  the 
profits  or  losses  resulting  therefrom. 

Journal  A  book  used  for  recording  such  transactions  as 

cannot  be  passed  through  other  records  of  original  entry,  and  for 
recording  all  transfers  from  one  account  to  another. 
A  Day  Book — Its  use  as  such  is  obsolete. 


Ledger  A  summary  of  the  transactions  of  a  business  so 

arranged  as  to  show  the  distributions  and  dispositions  of  all  re- 
ceipts and  expenditures,  gross  and  net,  revenue,  and  loss  and  gain. 

The  book  which  business  transactions  are  analyzed  and  classi- 
fied with  the  view  of  recording  these  transactions  and  of  showing 
their  result. 

The  principal  book  employed  in  the  system  of  bookkeeping  by 
double  entry,  wherein  all  the  transactions  recorded  in  the  journal 
and  subsidiary  aids  thereto  are  focussed,  classified  and  arranged 
for  the  purpose  of  ready  reference. 

The  center  and  pivot  of  double  entry. 

Legal  Assets  Property  which  creditors  might  make  available  in 
a  "  Court  of  Law  "  for  the  payment  of  the  debts  of  a  deceased 
person. 

Liabilities  Embrace  all   the  debts   or  obligations  due  by  a 

firm  to  its  creditors,  or 

The  debts  or  obligations  of  a  corporation,  partnership  or  indi- 
vidual. 

Liquid  Assets       Cash  and  such  assets  as  can  instantly  be  converted 
into  cash. 

13 


Liquidation  An    account    opened    when    a    concern    is    being 

Account  wound  up  and  to  wliich  are  credited  all  the  profits 

made  in  realizing  the  assets,  and  debited  with  the  expenses  of 
liquidation  and  any  liabilities  which  may  have  to  be  paid,  but 
which  are  not  entered  in  the  books. 

Loan  Account     An  account  representing  money  invested  in  loans. 


M 


Maintenance         An   account   or   series   of   accounts   representing 
Account  cost  of  repairs,  renewals  and  replacements. 

Merchandise         An    account    intended   to    represent    the   trading 
Account  transactions  of  a  business,  and  to  exhibit  gross  profit 

made  on  same. 

An  account  to  which  are  charged  the  purchases  of  material  to 
be  sold  or  used  in  manufacture  and  to  which  may  be  credited  the 
materials  sold  or  used. 


N 


Negative  An  account  which  reduces  the  value  of  another 

Account  account,  e.  g.,  returns  is  a  negative  to  sales. 

Net  Capital         The  surplus  of  actual  assets  over  actual  liabilities. 

Net   Invest-  The  difference  between  the  total  sum  invested  and 

ment  the  total  withdrawals. 

Net  Profits  The  balance  remaining  after  all  expenses  of  dis- 

tribution and  establishment  charges,  discount,  interest,  etc.,  have 
been  deducted  from  profits. 

The  balance  of  the  profit  and  loss  account  when  the  same  is  a 
gain. 

The  surplus  remaining  over  from  ihe  employment  of  capital 
after  defraying  all  the  necessary  expenses  and  outlay  incurred 
in  its  employment,  and  after  ihe  capital  has  been  replaced  or  pro- 
vision made  for  its  replacement. 

14 


Preferential  Creditors  whose  debts  are  directed  to  be  paid  in 

Creditors  priority  to  the  claims  of  others  in  the  administration 

of  the  estates  of 

(a)  A  debtor  in  bankruptcy. 

(b)  A  deceased  insolvent. 

(c)  A  company  being  wound  up. 

Preliminary  The  expenditure  in  connection  with  the  promo- 

Expenses  tion,  formation,  establishment  and  registration  of  a 

company. 

Prime  Cost  The  actual  cost  of  production  of  an  article,  includ- 

ing raw  material  and  labor,  to  which  is  added  indirect  expense 
to  make  the  total  cost. 

The  original  or  direct  cost  of  an  article  as  distinct  from  the 
"  cost  of  production  "  which  term  includes  all  expenditures  in- 
curred in  manufacture  whether  direct  or  indirect. 

Private  A  ledger  reserved  for  the  use  and  inspection  of 

Ledger  the  partners  or  other  proprietors  of  a  business,  and 

usually  containing  particulars  as  to  the  capital  in  the  business, 
the  profit  and  loss  account,  and  other  private  matters.  (Note. 
Successive  balance  sheets  are  almost  invariably  entered  therein, 
in  the  form  of  a  memorandum.) 

Profit  and  An    account    showiig    excess    of    revenue    over 

Loss  Account  expenditure,  the  balance  of  which  will  exhibit  net 
income.  This  account  in  general  shows  the  net  profit  or  loss  of 
a  particular  undertaking  for  a  given  period. 

Profit  and  An  exhibit  showing  in  logical  order  and  in  corn- 

Loss  State-  prehensive  form  the  gross  results  from  and  expense? 
ment  of  operating  a  business  for  a  given  period  of  time. 


Purchase 
Book 

Purchase 
Journal 

Purchase 
Ledger 


A  record  of  the  purchases  made  by  a  trader. 

A  journal  devoted  to  entries  relating  to  account- 
payable. 

A  ledger  containing  creditors'  accounts. 


17 


R 

Real  Account  Represents  the  values  of  actual  assets,  or  the 
amount  of  actual  liabilities,  such  as  real  estate,  machinery,  loans 
and  mortgages.     Am  Enc. 

Real  or  property  accounts ;  the  tangible  thing  is  in  a  property 
account.     Cole. 

Real  Estate  Immovable  property  ;  usually  confined  to  land  and 

buildings  erected  thereon.     Am.  Enc. 

Should  represent  on  the  books  the  value  of  the  building.     Cole. 

Redemption  A  sinking  fund  established  for  the  payment  of 

Fund  redeemable  debentures,  funded  debt,  or  other  obli- 

gation. An  amount  set  aside  at  regular  intervals  from  profits 
which  will  be  sufficient  to  discharge  an  obligation  at  maturity. 
A  reserve  fund.     Am.  Enc. 

A  fund  accumulated  to  redeem  outstanding  obligations  at  the 
end  of  a  certain  time.     Rahill. 

Representative  An  account  whose  function  is  to  complete  the 
A.ccount  double  entry  by  representing  the  transactions  de- 

scribed or  recorded  by  personal  accounts.  Thus,  sales  account 
furnishes  the  double  entry  for  customers'  accounts  and  purchase 
account  that  for  creditors'  accounts.  Real  estate  account  repre- 
sents the  value  of  investments  in  real  estate,  etc.     Am.  Enc. 

Xotc.  This  definition  is  confusing.  How  does  the  sales  ac- 
count represent  the  sales  any  more  than  merchandise  account 
represents  the  merchandise,  or  expense  account  the  expenses?  The 
last  clause  seems  to  describe  a  so-called  controlling  account. 

Keister  uses  the  term  in  place  of  controlling  account. 

Reserve  Fund  An  amount  set  aside  out  of  profits  to  provid* 
against  unforeseen  contingencies.  A  sum  set  aside  to  offset  the 
depreciation  of  an  asset,  reducing  net  profits  to  that  extent.  A 
reserve  fund  is  a  sum  set  aside  out  of  net  profits  which  appears 
on  the  balance  sheet  as  a  credit.     Am.  Enc. 

A  reserve  fund  is  a  cash  asset  and  is  an  amount  reserved  for 
some  specific  purpose.     A  reserve  or  reserve  account  is  created 

18 


by  charging  the  revenue  account  and  crediting  a  specific  reserve 
account.     Tipson.     Auditing. 

May  appear  on  the  balance  sheet  in  one  of  three  combinations : 
(i)  among  assets  only,  in  which  case  specific  property  is  set 
aside;  (2)  among  both  assets  and  liabilities,  in  which  case  specific 
property  is  set  aside  from  net  income  as  a  safety  fund ;  (3)  among 
liabilities  only,  in  which  case  the  amount  is  deducted  from  net 
income  and  shown  on  the  books  as  a  safety  fund,  but  the  actual 
property  is  left  among  the  general  assets.     Cole. 

The  amount  set  aside  from  profits  to  meet  contingencies.  (  Put 
among  the  liability  accounts.)      Montgomery-Dicksee. 

May  be  created  out  of  revenue  and  invested  same  as  a  sinking 
fund;  but  instead  of  being  accumulated  to  meet  an  outstanding 
obligation,  it  is  reserved  for  some  specific  purpose,  such  as  the 
purchase  of  additional  property.     Rahill. 

Reserved  Fund  Is  a  fund  set  aside  for  any  special  purpose  and 
should  always  represent  actual  cash — and  have  a  separate  bank 
account  with  extra  check  and  bank  book.     Keister. 

Revenue  A  term  sometimes  used  to  designate  profit  and 

Account  loss  account.     Revenue  accounts.     Those  accounts 

which  relate  to  profits  and  losses,  income  and  expenditures,  as 
distinguished  from  capital  accounts  which  relate  to  assets  and 
liabilities.     Am.  Enc. 

A  revenue  account  is  used  by  non-trading  concerns  to  determine 
the  amount  of  net  income  earned.  It  is  charged  with  the  debit 
balances  of  all  nominal  accounts  and  credited  with  those  with 
credit  balances.     Tipson.     Theory. 

Shows  the  amount  of  business  done — the  amount  of  expendi- 
ture— and  the  amount  of  surplus  or  profit.     ^^lontgomery-Dicksee. 

An  account  of  the  revenue  derived  from  the  business  in  which 
we  are  engaged ;  in  other  words  an  account  of  our  gross  gain  or 
profit.  Rahill.  Note.  This  takes  into  consideration  only  the 
profit  side  of  what  is  usually  called  a  Revenue  .\ccount.  Another 
definition  by  this  author  includes  items  of  cost,  expenses  or  losses. 

Revenue  Expenditures  made  in   connection  with  the  run- 

Expenditures  ning  expenses  of  the  legitimate  business  of  the  firm 
or  corporation  concerned.     Am.  Enc. 

19 


What  is  spent  to  earn  a  revenue.     Tipson.     I'heory. 

That  which  is  made  to  conduct  a  business,  but  by  means  of  it 
no  permanent  asset  is  acquired.     Tipson.     Auditing. 

Whatever  is  expected  to  be  consumed  during  the  earning  period 
should  be  charged  to  revenue.     Cole. 

If  it  has  only  had  the  efifect  of  putting  the  earning  power  of 
the  undertaking  upon  the  same  footing  as  that  which  had  pre- 
viously obtained — it  must  be  charged  against  revenue.  Mont- 
gomery-Dicksee. 

Revenue  They  are  distinguished  from  capital  receipts  by 

Receipts  being  exclusively  derived  from  the  sale  or  exchange 

of  the  commodities  which  the  company  was  organized  to  buy  and 
sell,  the  excess  of  receipts  over  expenditures  constituting  net 
profit,  or  added  actual  capital — as  money  received  from  customers' 
accounts.     Am.  Enc. 

Revenue  Receipts  are  all  the  other  (than  capital)  sources  of 
income  of  a  business.     Tipson.     Theory. 

Made  to  cover  all  profits  whether  realized  in  cash  or  not,  even 
when  arising  from  an  estimated  rise  in  value  of  fixed  assets,  or 
when  not  incidental  to  the  nature  of  the  business.  Montgomery- 
Dicksee. 

Receipts  derived  as  the  direct  result  of  our  trading,  as  dis- 
tinguished from  capital  receipts  resulting  from  the  sale  of  capital 
stock,  or  the  proceeds  of  bonds,  mortgages,  etc.     Rahill. 


Selling  That  portion  of  expense  of  a  business  which  con- 

Expense  sists  of  commissions,  salaries  of  salesmen,  and  other 

expenditures  which  can  be  allocated  to  the  cost  of  selling  goods. 
Am.  Enc. 

Single  Entry  A  method  of  keeping  accounts  which  does  not 
record  a  debit  for  every  credit,  and  which  does  not  furnish  a  trial 
balance  or  provide  for  any  check  on  the  accuracy  of  the  work  on 
the  books  of  account  other  than  that  of  calling  back  the  postings 
or  entries.     Am.  Enc. 

Where  each  amount  is  only  recorded  on  one  side  of  the  ledger, 
either  as  a  debit  or  a  credit.     Tipson.     Theory. 

20 


;  cu 


Involves  no  particular  system.  It  merely  records  charges  to 
customers  and  obligations  to  debtors  (sic)  ;  it  therefore  is  a  mere 
memorandum  of  indebtedness.     Rahill. 

Sinking  Fund  An  amount  set  aside  to  provide  against  anticipated 
losses  on  redemption  of  debentures,  expiration  of  leases,  etc.,  and 
specially  invested.  ...  A  species  of  financial  arrangement 
by  means  of  which  a  fund  is  created  to  redeem  or  extinguish  a 
debt  either  already  incurred  or  about  to  be  incurred.  .  .  .  The 
distinction  between  sinking  funds  and  reserve  funds  is  that  the 
former  is  a  sum  set  aside  and  specially  invested,  thereby  appear- 
ing on  the  balance  sheet  as  an  asset.  The  sinking  fund  represents 
cash  invested ;  the  reserve  fund  represents  undivided  profits,  and 
may  at  any  time  at  the  option  of  the  directors  be  transferred  fo»- 
purposes  of  dividend.     Am.  Enc. 

A  fund  set  aside  out  of  assets  and  accumulated  at  interest  for 
the  purpose  of  meeting  a  debt.     Tipson.     Auditing. 

Such  funds  must  always  be  utilized  in  something  which  can  be 
converted  into  cash  at  once.     Cole. 

An  amount  set  aside  and  specifically  invested  for  the  purpose 
of  meeting  a  future  loss  upon  redemption  of  bond  issued  at  a 
discount,  renewal  of  leases,  etc.  Montgomery-Dicksee  in  treating 
of  liabilities. 

A  fund  set  aside  or  created  out  of  the  revenues  of  a  company 
into  which  we  sink  the  funded  debts  of  a  company  at  the  time  of 
their  maturity.     Rahill. 

Created  by  payment  of  an  annual  sum,  to  the  amount  of  which 
bonds  are  cancelled,  such  bonds  being  singled  out  by  means  of 
drawings  which  take  place  at  stated  intervals.  Drawn  bonds  are 
repayable  at  any  time,  and  cease  to  bear  interest  from  the  date 
on  which  they  fall  due.     Keister. 

A  certain  sum  set  aside  to  provide  for  the  payment  of  bonds, 
or  other  obligation  maturing  at  some  future  time — treated  as  an 
asset  and  usually  draws  interest.     Keister. 

Surplus  The  excess  of  assets  over  liabilities.     .    .    .    The 

credit  balance  of  a  profit  and  loss  account.     Am.  Enc. 

Excess  of  assets  over  liabilities,  including  capital  stock.  It  is 
really  undistributed  profit.     Tipson.     Theory. 

21 


Excess  of  resources  over  specific  recognized  liabilities.     Cole. 

Net  surplus  over  and  above  all  debts,  reserves  and  fund  ac- 
counts.    Rahill. 

A  certain  portion  of  the  annual  profits  set  aside  for  the  pur- 
pose of  creating  a  fund  to  meet  reverse  in  profits  or  unforeseen 
emergencies,  etc.  (The  same  words  are  used  to  define  a  Sur- 
plus Fund.)     Keister. 

Surplus  Fund  Formed  by  periodically  setting  aside  a  portion  of 
the  net  profits  of  a  corporation — to  provide  an  unspecified  reserve 
for  contingencies      Tipson.     Theory. 

Certain  portion  of  the  annual  profits  set  aside  for  the  purpose 
of  creating  a  fund  to  meet  reverse  in  profits  or  unforeseen  emer- 
gencies, etc.     Keister. 

Suspense  A  summary  account  to  which  are  transferred  the 

Account  balances  of  doubtful  accounts  from,  the  customers' 

ledger,  and  in  which  they  are  retained  until  such  time  as  they 
can  be  definitely  disposed  of.     Am.  Enc. 

Designed  to  contain  all  items  whose  ultimate  collection  is  doubt- 
ful.    Tipson.     Theory. 

Mr.  Tipson  in  Auditing  quotes  Lisle  as  follows  :  "  An  account 
opened  for  the  purpose  of  having  posted  to  it  items  which  the 
bookkeeper  is  unable  for  the  time  to  determine  the  proper  account 
to  which  they  should  be  posted."  He  then  gives  examples  of  sus- 
pense accounts  with  credit  balances.  Lisle  says  that  a  suspense 
account  should  never  be  used  for  any  other  purpose. 

Dicksee  seems  to  use  the  term  to  represent  accrued  items  in 
nominal  accounts  on  a  balance  sheet. 

Mere  temporary  catch-all,  used  to  receive  items  of  which  the 
ultimate  disposition  is  not  yet  known.     Cole. 

An  account  into  which  is  carried  all  items  whose  ultimate  col- 
lection is  doubtful,  whether  notes  or  accounts.     Rahill. 

An  account  into  which  are  carried  all  items  whose  ultimate 
collection  is  doubtful,  whether  notes  or  accounts.     Rahill. 


Trade  Deduction    from   list   prices   allowed   to  jobbers. 

Discount  Am.  Enc. 

22 


Deduction  from  list  price  when  it  is  larger  than  a  fair  return 
for  the  use  of  money. 

Query.  Is  a  discount  of  say  io%  or  more  in  30  days  a  trade 
or  a  cash  discount,  even  when  forfeited  by  non-payment  within 
the  time? 

Trading  An   account  dealing  with  expenditures   made   in 

Account  the  manufacture  of  product  or  purchase  of  goods 

for  sale  and  cost  of  getting  such  goods  into  a  salable  condition, 
to  which  is  credited  cost  of  goods  turned  over  or  sold  in  the  period 
covered  by  the  account ;  or  by  the  introduction  of  gross  sales, 
exhibiting  the  gross  or  manufacturing  profit  prior  to  deduction  of 
selling  and  general  administrative  expense.  It  should  include 
nothing  that  will  not  vary  with  the  amount  of  production.  Am. 
Enc. 

A  trading  account  is  resigned  to  show  the  gross  profit  on  trad- 
ing, i.  e.,  the  total  excess  of  the  amount  charged  for  goods  sold 
over  their  purchase  price  together  with  any  expense  attendant  on 
their  acquisition.  The  purpose  is  to  show  the  amount  of  pur- 
chases, sales,  returns  by  customers,  returns  to  creditors  and  the 
expenses  attending  same.     Tipson.     Theory. 

Shows  the  elements  of  net  principal  income.     Cole. 

Arranged  to  show  gross  profit  on  goods  sold,  regardless  of 
such  charges  as  advertising,  salesmen,  expenses,  etc.,  p.  169.  But 
on  p.  86  travelers'  expense  and  salaries  and  discounts  allowed  are 
included  and  on  p.  127  commissions  are  also  included,  while  on 
p.  79  are  included  general  expenses,  reserves  for  doubtful  ac- 
counts, depreciation  of  office  furniture,  models  and  drawings. 
Greendlinger. 

The  merchandise  account  of  a  mercantile  company.  Its  design 
is  to  show  gross  profit  on  trading.     It  includes  freight.     Rahill. 

Deals  with  purchase-costs  and  proceeds  of  sales.  Cost  includes 
outlay  for  materials,  freight,  duty  and  other  charge  incidental  to 
the  acquisition  of  the  raw  product ;  also  labor  and  costs  of  manu- 
facture.    Rahill. 

Treasury  Capital  stock  unsubscribed,  or  of  which  a  corpora- 

Stock  tion  has  acquired  possession  from  its  original  own- 

ers. Stock  set  aside  for  sale  in  order  to  raise  working  capital. 
Am.  Enc. 

23 


Cominonly  bought  on  the  assumption  that  it  has  been  paid  for, 
issued  and  returned  to  the  treasury.     W.  H.  Emrich  in  Auditor. 

Corporation  treats  all  stock  as  if  it  were  issued,  and  counts  as 
property  its  own  stock  in  its  treasury.     Cole,  p.  94. 

Issued  and  outstanding  stock  of  the  company  that  has  been 
donated  to  or  purchased  by  the  corporation  and  which  is  held  sub- 
ject to  disposal  by  the  directors.  To  style  unissued  stock  treasury 
stock  is  a  misnomer.     Conyngton. 

Several  questions  in  C.  P.  A.  examinations  in  different  states 
treating  unissued  stock  as  treasury  stock. 

That  portion  of  the  paid  up  stock  of  a  company  which  reverts 
to  the  treasury,  and  thereby  reduces  the  company's  liabilities  with- 
out impairing  its  assets ;  hence  it  is  that  donated  stock  is  unquali- 
fiedly treasury  stock,  and  that  forfeited  stock  and  repurchased 
stock  are,  in  a  measure,  treasury  stock.  (Unsubscribed  stock, 
stock  reserved  by  the  incorporators  for  future  sale  and  unpaid 
subscribed  stock  are  not  treasury  stock.)     Rahill. 

Keister  treats  unsubscribed  stock  as  treasury  stock. 

Trial  Balance  A  number  of  excellent  definitions  might  be  given. 
The  object  in  referring  to  the  subject  here  is  only  to  call  attention 
to  the  term  when  used  in  the  report  of  an  ad  interim  audit,  instead 
of  the  term  Ledger  Balances. 

Suggested  definition.  A  trial  balance  is  a  table  of  the  balances 
shown  on  a  ledger  for  the  purpose  of  trying  their  accuracy. 
When  successfully  compiled  it  ceases  to  be  a  trial  balance  and 
becomes  a  statement  of  ledger  balances. 

Turnover  A  term  used  to  designate  the  cost  of  goods  sold. 

(Illustration  shows  material  and  labor.)     Am.  Enc. 

The  cost  of  goods  sold  during  a  certain  period.  (Illustration 
shows  net  purchases  only.)      Renn's  Auditing. 

Lisle,  in  speaking  of  percentages,  uses  turnover  as  the  same  as 
sales  and  as  distinguished  from  the  cost  of  goods. 

Prime  cost  of  the  goods  sold.     Rahill. 

V 

Voucher  A  document  which  certifies  or  verifies  the  correct- 

ness of  charges  for  values  paid  out  or  parted  with,  or  of  credit.^ 
for  values  received.     Am.  Enc. 

24 


Vouching  consists  of  obtaining  evidence  (usually  documentary) 
that  the  transactions  recorded  in  the  books  are  facts.  Montgom- 
ery-Dicksee. 

Any  memorandum  which  will  establish  the  validity  of  the  trans- 
action should  be  accepted  as  satisfactory.     Renn's  Auditing. 

W 

Watered  Stock  which  appears  on  the  books  as  fully  paid 

Stock  up,  but  for  which  only  partial  or  no  value  has  been 

received,  and  which,  therefore,  represents  some  inflated  or  ficti- 
tious value.     Am.  Enc. 

Capital  stock  issued  for  which  no  value  has  been  received.  Tip- 
son.     Theory. 

An  increase  of  the  capital  stock  of  a  corporation  without  a 
corresponding  increase  in  the  assets  of  the  company.  Stock  ac- 
quired for  less  than  an  equivalent  exchange  of  value.     Rahill. 

Stock  issued  above  the  authorized  capital.     Keister. 

If  all  the  original  capital  stock  has  been  issued  and  the  company 
should  issue  stock  to  pay  dividends,  it  would  be  "  watering." 
Keister. 

Working  That  portion  of  capital  used  in  the  active  opera- 

Capital  tions  of  a  business.     It  may  consist  of  (a)  Capital 

stock  subscribed  and  paid,  (b)  Capital  stock  sold  to  stockholders 
to  raise  cash,  (c)  Dividends  or  surplus  undistributed,  (d)  Part 
of  purchase  money  of  business  allowed  to  remain  unpaid,  (e) 
Loans  from  bank  or  otherwise,  (f)  Proceeds  of  accommodation 
notes,  (g)  Proceeds  of  sale  of  bonds,  (h)  Assessment  on  stock- 
holders.    Am.  Enc. 

All  assets  available  as  cash  for  the  carrying  on  of  a  business. 
Tipson.     Theory. 

A  certain  amount  of  money  set  aside  for  the  purpose  of  con- 
ducting the  business.     Keister. 


25 


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14  DAY  USE 

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